Vikas Biyani, CA

The markets seem to be in a confound state between uncertainty about hopes of economic recovery and lack of earnings turnaround. We took a look at some numbers regarding the broader market fundamentals in India to assess the mismatch, if any, between expectations and realities. Read More

We do understand that Investing being game of odds, market participants would prefer to pay a premium for ‘certainty’ in earnings, growth etc. But the same question also then logically extends to expensive valuations. One has to be mindful of the fact that as much as the behavioral biases of the market might lead us to think otherwise, prospective returns essentially are a function of arithmetic calculations and not any story built around an investing idea/theme. Read More

In the news recently for the wrong reasons and free falling stock price, this company, one of the top steel makers in India, came up our research radar a couple of years ago (Sep 2012 to be precise) when one of our institutional clients had requested us to analyse it (based on specific issues concerning its balance sheet). Read More